Hi @Michael Klinger1) Building class or neighborhood class is very subjective as there's no set requirements to call a property a "B" caliber property or a "C" caliber property, etc.

A 2-family investment property would thus be subject to rent control assuming the property has been registered with the town's rent control office.You can find the town's rent control ordinance here: Passaic, NJ Rent Control Ordinance

Has anyone bought a condo or town home in New Jersey subject to an outstanding HOA Lien?

Of course this is all subject to having other % be higher or lower than the 10% or 20% that would be things like down payment, rates, etc. 

When we foreclose on a 2nd, we don't do that, we figure some decent profit above what we paid for it, as most of the time it does not sell, and ownership reverts back to us, subject to the first lien. 

On the subject of 3rd floor setback, I'll need to look up the specific code, but other than RM-2 or greater, or CMX-2 or greater, the height of your front facade will be limited to what your neighbors are doing. 

I would suggest you look into creative real estate options such as owner financing, subject to, lease option etc.

In the motion to sell documents it usually states the property is "subject to all liens and encumbrances, if any" and then usually follows a list of the liens in the debtor's Schedule D.

When I submit the offer on the land and if I can get blueprints as part of the purchase could I have closing on land purchase subject to the building permits being issued so i can wrap everything into one note with my lender?

(Ben Graham's "The Intelligent Investor" is perhaps the best volume on the subject), and I'll suggest that the core "value investing" philosophy is a direct corollary to the REI adage of "you make money when you buy, not when you sell", in that you make your money when you buy a stock when its undervalued and includes a sufficient "margin of safety" (itself the analog of a lender capping their exposure based on LTV).Patience, prudence, curiosity, and a desire to learn are hallmarks of a successful investor in any domain, and I'm with you in that I'll keep doing both :)